In the pure electric vehicle sector, batteries are mostly lithium iron phosphate (LFP) battery packs or ternary lithium-ion batteries. However, Yinlong Bus, which Gree recently sought to acquire, has its core competitiveness in lithium titanate batteries, a product developed through a different approach. Domestic automakers primarily use ternary lithium-ion batteries and LFP battery packs. Lithium titanate batteries are not yet mass-produced. Furthermore, lithium titanate batteries are expensive (high production costs and stringent humidity control requirements), costing around 9 yuan per watt-hour, a significant difference compared to the approximately 2 yuan per watt-hour for LFP and ternary lithium-ion batteries.
The future market potential for lithium titanate batteries will be very limited. The limited number of companies producing lithium titanate batteries will lead to lower overall R&D investment in the industry. Currently, few battery companies are focusing on developing lithium titanate batteries. In the future, the technological advancement of lithium iron phosphate battery packs will outpace that of lithium titanate batteries. Generally speaking, lithium iron phosphate battery packs are best suited for electric vehicles due to safety as the primary concern.
In summary, lithium titanate batteries and lithium iron phosphate battery packs are two different types of lithium-ion batteries, using different materials and having different characteristics, each with its own advantages and disadvantages. The author believes that lithium iron phosphate batteries are better. While polymer lithium-ion batteries are said to be explosion-proof, accidents have occurred recently. Lithium iron phosphate batteries, on the other hand, have a longer market cycle and are more stable.
